The entry shown below was taken from the general journal in closing the partnership books of Kaizen Company on February 28, 2020:

Accumulated Depereciation-Building P600, 000

Accumulated Depreciation-Store Equipment 20,000

Accumulated Depreciation-Service Vehicle 50,000

Notes Payable 300,000

Accounts Payable 75,400

Allowance for Doubtful Accounts 10,000

Chelsea Cua, Capital 194,000

Excelsa Du, Capital 194,000

Jam Fendi, Capital 194,000

Shine Pua, Capital 194,000

Sandy Wang, Capital 194,000

Cash P160, 400

Accounts Receivable 40,000

Merchandise Inventory 100,000

Store Supplies 5,000

Building 1,000,000

Store Equipment 320,000

Service Vehicle 400,000

To close the books of the partnership

Additional Information:

• Partnership liabilities are to be assumed by the newly-formed corporation called Kaizen Corp.
• Kaizen Corp. was organized on March 1, 2020 which was authorized to issue 90,000 shares of 8% cumulative and participating P50 par value preference shares and 500,000 ordinary shares with a par value of P10 per share. The following transactions took place in 2020:

March 2 Issued 97,000 ordinary shares to the five (5) incorporators in exchange for the net assets acquired from Kaizen Company.

3 Paid the registration fees, promotional expenses and the cost of printing the stock certificates and other business forms during the incorporation process amounting to P7, 000.

8 Received subscriptions from Vanie Ty of 20,000 ordinary shares at P15 per share with 40% down payment.

April 1 Issued 1,000 ordinary shares to Dan Dansoy in exchange for the land whose fair value is P120, 000.

April 20 Collected the balance of the March 8 subscription and stock certificate was issued.

May 1 BOD declared a 10% share dividend on the corporation's 118,000 ordinary shares outstanding. The current fair value of each share is P15.

20 Issued the share dividned declared on May 1, 2015.

21 Issued ordinary shares to Amy Zeng for cash at P20 per share.

June 1 Issued 30,000 ordinary shares at its par value to Anne Nogon.

3 Reacquired 10,000 ordinary shares at P15 per share.

20 Received the donated delivery van from Sam Milbe in exchange for 20,000 ordinary shares.

July 1 Reissued 2,500 of the treasury shares-ordinary shares at P20 per share.

August 1 The BOD declared a 20% share dividend on the ordinary shares outstanding. The share dividend will be issued on August 20, 2015.

20 Issued the share dividend declared in August.

21 Vanie Ty, a shareholder, donated 3,000 ordinaryvshares to Kaizen Corp.

31 Sold all of the August 21 donated shares at P20 per share.

Sept 1 Issued 10,000 preference shares to Tina Tago at P55 per share.

5 Retired the remaining treasury shares-ordinary shares.

7 Received subscriptions of 15,000 preference shares from Polynesian Co.

12 Issued 5,000 ordinary shares to Atty. Duco in exchange for the legal services he has rendered to Kaizen Corp.

18 Collectef 25% of the subscription price from Polynesian Co.

22 Reacquired 1,500 preference shares at P60 per share.

Oct. 1 Polynesian Co. failed to pay the balance of its subscription and was declared delinquent after several calls and notices have been made by Kaizen Corp.

9 I-Daily billed Kaizen Corp. P3, 000 for the news ads about the public auction sale.

22 The following bidders signified to pay the balance including the expenses incurrwd for the auction sale in exchange of the following number of preference shares:

Mel Lambo 3,500 shares

Cindy Rela 3,600 shares

Jill Latin 4,000 shares

23 Collected the amount in full fron the highest bidder and issued stock certificate.

Nov. 3 Issued 1,000 preference shares to Mandy Rigma at oar vakue.

17 Received subscription from Con Bensing for 10,000 preference shares at P55 with 60% down payment.

20 Kaizen Corp. converted 500 preference shares (which were oreviously issued at P60 per share) into 1,000 ordinary shares.

Dec. 1 Collected the balance due from Con Bensing and issued stock certificate.

2 Declared a 2 for 1 with a new par value of P25 per preference share and P5 per ordinary share.

29 Closed the credit balance of Incone Summary account of P600, 000.

30 The BOD declared a cash dividend of P2 per preference share and P1 per ordinary share to shareholders of record on December 31, 2020 payable on January 15, 2021.

31 After the board resolutions were finalized, the BOD authorized the appropriation necessitated by the holding of treasury stock.

REQUIRED: Record the transactions given above in the appropriate journal.